By Adnan Adams Mohammed
In a significant milestone for the nation’s economic recovery, the Government of Ghana has announced its first medium-to-long-term domestic bond issuance since the 2022 debt default.
The Ministry of Finance revealed on Thursday that it will open books for a new 7-year cedi-denominated treasury bond starting Monday, March 30, 2026. The move marks the end of a three-year freeze on longer-dated debt following the country’s comprehensive Domestic Debt Exchange Programme (DDEP).
Market confidence restored
The issuance is being viewed by analysts as a “litmus test” for investor appetite and a signal that the government is ready to move beyond the era of emergency debt restructuring. According to the Ministry’s issuance calendar, the offer is open to both resident and non-resident investors.
“The expiration of the DDEP-induced restrictions marks a pivotal moment for Ghana’s financial strategy,” the Ministry stated in an official release. “This auction is aimed at rebuilding a sovereign yield curve, supporting liquidity management, and restoring market confidence for both retail and institutional investors.”
Since 2022, the government has relied almost exclusively on short-term Treasury bills (91-day to 364-day) to fund its budget. The return to the 7-year market indicates a shift toward more sustainable, long-term financing.
Economic fundamentals
The timing of the bond coincides with a period of relative macroeconomic stability. After peaking at over 54% in 2022, inflation has cooled significantly, with recent reports placing it at a near three-decade low. Additionally, the Bank of Ghana has aggressively cut the policy rate dropping 14 percentage points over the last year to the current 14%.
“With market rates having fallen materially, the yield on this new bond will be closely watched,” said Samir Gadio, Head of Africa Strategy at Standard Chartered Plc. “While yields may not be as high as they once were, Ghana remains an attractive diversification play for overseas investors now that the currency has stabilized.”
Issuance Details
● Opening Date: Monday, March 30, 2026 (9:00 AM)
● Closing Date: Wednesday, April 1, 2026 (3:00 PM)
● Settlement Date: Tuesday, April 7, 2026
● Minimum Bid: GHS 50,000
● Bookrunners: Absa, CalBank, Fincap, GCB, Stanbic, and OA.
The coupon rate will be determined through a book-building process, where bids will be accepted on a yield basis.
Strategic Outlook
The administration has expressed gratitude to the Ghanaian people for their patience during the debt crisis. Government officials emphasized that the successful payment of several coupon rounds on restructured bonds since 2025 has been instrumental in clearing the path for this new issuance.
Proceeds from the bond are expected to be used to refinance maturing obligations and support the government’s 30-billion-cedi development agenda for the 2026 fiscal year.
As the IMF program nears its conclusion in August 2026, this return to the domestic capital market is seen as a crucial step toward fiscal self-reliance and the normalization of Ghana’s financial landscape.
